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PostMortem on BankNifty Today & Analysis of 28 JUN 2023

NSE:BANKNIFTY   NIFTY Bank Index
Quarterly Analysis of BankNifty — 31 Mar 2023 to 28 Jun 2023
Banknify gained an impressive 4412pts ~ 11.05% in Q1 FY2023–24. During this process it took out 11 crucial resistance points to finish at the ATH. The upmove was quite strong till 15th May after which BN started trading sideways. Status quo changed on 27th when it broke through the final resistance point of 44068 paving way for an ATH record break today.

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Monthly Expiry Analysis Banknifty — 26 May 2023 to 28 Jun 2023
BN gained 1.64% ~ 716pts in the current month. Basically on 29th May it hit the ATH level and from there we had 2 resistance rejections & 2 support rejections.


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Weekly Expiry Analysis Banknifty — 23 Jun 2023 to 28 Jun 2023
BN rallied 1.54% ~ 671pts in the current expiry week. Of this 100% of the gains came between yesterday and today. Prior to that BN was looking weak and was heading to the support area. The sentiment change lifted BN to break through.

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Daily Analysis BankNifty

Most of the hard-work was done by the Gap-up opening. Out of the total 0.47% gains, 0.4% gain came via the gapup. BN was just maintaining its cool today and did not try to do anything foolish. N50 was rallying very strongly, BN just utilized that momentum to finish with a new ATH.

The chart indicates a steady rising pattern, unlike the usual BN where we have lots of wild swings. Notice the 3 green candles between 14.15 to 14.25 — thats when the ATH was taken out. After that we did see some profit booking plus monthly rebalancing outflow/inflow adjustments by Mutual Fund houses.

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